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FTX billions incoming 💸
Nearly two years after the collapse, FTX's bankruptcy plan has been approved. Here's what you need to know about the impending repayments.
Andrew Hayward
October 07, 2024
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📝 What you need to know
It’s been nearly two, long years since crypto exchange FTX collapsed, but customers are finally about to get their funds back.
On Monday, a judge approved FTX’s bankruptcy plan following extensive recoveries and settlements, with the firm’s team set to repay $16 billion to customers. No timeline has been set for the repayments, but the vast majority of creditors are set to receive at least 118% of the USD value of their crypto assets as of the day that FTX filed for bankruptcy back in November 2022.
That approach has drawn complaints from some investors who contend that their assets have appreciated substantially since then—and in the case of Bitcoin and some other assets, that’s definitely true. But for those FTX customers who wondered whether they’d ever see their funds again, Monday’s official stamp must be reassuring news.
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💬 Quote of the Day
“Polymarket turned 'Money Electric' into a sporting event. Even I’m refreshing the betting pool to see how high the total volume gets.”
